emily: hello, good. how are you?

it is so good to see you. thank you for doing this. i think with more. katie: i do not think so. it is when a lot of other people get into crypto. when to that happen? a lot of time when crises are coming up. emily: she was a federal prosecutor going after gangs and the mob before an investor assignment taking down bitcoin. katie haun realized this new technology is much more than a tool used by criminals. she became a crypto convert. she became the first female general partner at venture

firms. haun recently launched her own site with 1.5 billion dollars to deploy. the largest fund ever raised by a single investor. joining me on this edition of "bloomberg studio 1.0," ceo and founder of haun ventures, katie haun. it is great to have you. katie: great to be back here in the studio. emily: i want to start with it vibe check. what state in the crypto cycle are we in? it was hot, and then it got cold. katie: i have been in crypto for a decade, if you can believe it. we have seen crypto be really hot and then not. we have seen this before. one of the things that is different is with each new crypto cycle more and more people come into it, so it is more and more pronounced each cycle.

i think it depends on what area of the ecosystem you are at. emily: i am seeing a lot less of those we are all going to make it hashtags. katie: i am seeing a lot less of them to but i am spending less time on twitter. with each cycle there are new acronyms. what has not happened is a crypto winter in the midst of serious global macro conditions. we have inflations at record highs for our generation and we have also a war that has broken out in the ukraine and a number of other factors going on, so that is very different. emily: there was some serious carnage, lumina, three arrows. katie: i do not want to tell you algorithmic stablecoins are bad because i think they are really interesting. however, i think what happened is in this case you mentioned

luna and terra. that was getting widespread adoption relative to what it produced. emily: i do not realize you spent your teen years living in egypt and learned arabic. katie: i was always operated -- uprooted. just when i would get comfortable in one space and that is important, i am comfortable being in uncomfortable situations. i did not know a lot about venture when i got into it initially. i did not know a lot about crypto when i got into it initially. i was ok asking questions, not knowing the local acronyms or nomenclature of a particular field. i am taken back to my teenage years in cairo, moving from houston, texas to downtown cairo the next day. emily: you studied law, you

clerked for supreme court justice anthony kennedy became a federal prosecutor. you are taking on prison gangs and the mafia. katie: i was doing it at age 25. take a step back and that happens at different points of your career. if i would've analyze that a little more, and i am glad that i did not. i dove right in because i found it fascinating. there was a human aspect of it, stories and those stories mattered. i became a federal prosecutor and did cases involving violent crime and i really miss trying cases, being back in the courtroom, like the prosecutor you would see on tv. emily: you mean those two hour closing arguments. katie: so i moved out to california. motorcycle gangs, hostage takings, armed to bank

robberies. there was not a criminal case by that point in my career i had not done, and it was right around that time, 2012 one of my bosses came in and said let's have that same energy that you brought to those game cases, to those murder cases and let's go ahead and have you investigate this new technology that we need to look into and shut this down. emily: so you created the first cryptocurrency task force. katie: several of us in the government realized it is not possible and not desirable because bitcoin is not an entity, it is not a person. it is protocol. it is like saying shut down cash, shut down the internet. it is not possible and would not be a good idea either. i was using crypto and blockchain technology to uncover criminal technology. i did not think that technology was bad. it was a tool that help me

uncover various activity read by the way it was a step level function improvement better than compliance by banks. that is a little bit controversial, but i expected a decade subpoenaing large financial institutions and five times that if they did not get back what i needed. one case i worked on and they say you shut down the silk road. i was looking into something that nothing to do with anything at all of the silk road and came across what looked to be art activity and a couple of federal agents on a task force out of washington d.c. were approached. that is the case i ended up indicting and i persecuted those agents. that is the case i worked on. i would never, ever have been able to uncover that criminal activity by those agents, because they were federal

agents. had they not used bitcoin blockchain. so that technology right there, if they had just used wires were cash or bank wires we would never have uncovered that. emily: how hard is it to launch a crypto fund from scratch? ♪

emily: so you became kind of a

crypto convert after this and joined the board of coinbase early on. how did you and brian armstrong come together? katie: i hosted an event in san francisco, and i believe it was there, it was legitimate actors in crypto who wanted to usher in this new wave, his new ecosystem. then we brought together the heads of all kinds of agencies to talk about building bridges. the government and the crypto industry would never see eye to eye on a lot of things but we think there were some commonalities. coinbase is a covered -- company that has suffered. emily: why do you think that is and how can it be fixed? katie: a few things it is i do. a large aspect of coinbase's business is trading revenue, and that is done when prices are down. the company has been very transparent about that long before ng public.

if you look at its s1 -- its s1 it identifies that. just how volatile the market is. it is judged as a financial stock and a security. i think it is not just a financial services company. i think it is so much more, a portal to this new ecosystem. emily: you were also on another board. there is accusation going on, coinbase has also had employees accused of insider trading. how much is this happening and having a problem is it? katie: crypto is under the microscope, so where you have a case, two cases, three cases. when you have a multibillion dollar industry, approaching $1 trillion you will always have people find that. i do not want to make too much of it.

coinbase takes this incredibly seriously. emily: you became a partner at one of the most storied central capital -- venture capital firms. katie: i met kristin and ben and anne and they asked me to come and: run -- co run their crypto fund. that speak to the fact that as i said before things are hell yes or no, and it was a hell yes. emily: how did mark and ben respond? katie: as you might know, they are an anchor check into my fund, and i am grateful for that. mark and chris are anchors for personal royalties. it was not running away from

anderson heart, it was running to another opportunity. crypto is not a spectator sport. you are in it, it is 24/7, is global and it is also. that is a trade-off, it is a life trade-off at this point in my career if i would continue to make that trade-off i wanted to do it and do it anyway that was true to me. emily: you struck out on your own to launch haun ventures. what was the spark that lit the fire? katie: what i set out to do was to continue to invest in this speaker system that i think is so broad that the decision was very personal -- purposeful and the timing was purposeful. we have series a and series b and an acceleration fund, which is a growth fund. it is later stage, it might be

quicker: -- crypto public. certain tokens were set up to participate in the state. there are several crypto unicorns. they have become competitive. even though crypto has had ups and downs of other people in the last cycles have seen venture style returns that can be had in crypto. you had a lot of new funds enter the space, and that has driven up competition. emily: what differentiates haun ventures from all of these other crypto funds or other traditional funds? katie: a lot of traditional venture capital funds have crypto funds. it used to be a designation like are you an ria?

it is not enough to be just an ria? that is a regulatory designation. do you live and breathe crypto? are you part of the community, do you participate in governance ? are you going to be staking these crypto firms out there, and if you are not in the space full-time, i think it is very hard to run a successful crypto fund. we do not have a hedge fund component. we are not buying and treating and selling, that is a hedge fund structure. we are making seven to 10 year bets? emily: how long is it to logic crypto fund from scratch? katie: it is hard but not impossible. i knew we were in a cycle where you so so much excitement and fervor about the space, and i talked about what makes this different but one thing is we are a strikeforce. we do not fish in the same space.

we have seats and operators who know how distinct the lending, and that is reflected in our culture. the only thing that has changed in our strategy as a result of market correction is more of a focus on early-stage, but we still have our late stage fund, and what we see valuations which i think we will still see correct -- we will continue to see some correction. we might deploy i will later stage fund more slowly. long-term our strategy has not changed. emily: how much you think valuations are going to correct? katie: i cannot give you a one-size-fits-all answer. emily: you have crypto companies that follow an enterprise staff model. you have others that are layer one protocols. others are consumer facing applications. one of the things is the infrastructure layer. we think more use cases will

come about when the infrastructure layer is in place. my own view is we are not rushing to deploy. we are not getting caught up. i think it is very easy to get into that mindset, because it is a competitive sport. it is a competitive space. what i do and i think i do differently as i try to take stock of that. that is the fomo mentality case, that is bad. you do not want to over correct. we look for amazing founders. we also look for what is what regulatory plan, if you are launching a token. what is your plan for law, security? there are a lot of facts in this space. we want to make sure the founders have been thoughtful of

keeping funds secure. what are the exploits? emily: have you changed your strategy given the downturn? because the conditions have changed. katie: we have never backed out of the deal. we have decided not to do a few deals because we think pricing was ahead of progress candidly, and we might've been wrong about that, emily. but if we were wrong not to do a couple of deals, that are that we might've been right, because if we were wrong about that i think we can find a way to still invest in those projects later. emily: one thing i am hearing is about a lot of dry powder. the biggest front ever for a single person, not just a woman. are you confident you will have a place to put that money? katie: i am, but i am not going to go willy-nilly to deploy it. even during the period when we

raised our funds when crypto was unable run, we said we are going to be pretty steadfast sticking to a tiered deployment cycle. it has not shortened. again, we feel very good that we have the capital to back it. emily: so you think we are going to fall behind? the united states? katie: i think we are already falling behind. ♪

emily: what about nfd's -- nft's? are you concerned about

declining demand? katie: we will increasingly live and it digital world and you will want to earn -- own digital goods in that world. you will not be satisfied to rent them. we buy our content. without digital scarcity, you do not live anything. you are subject to the whims of a platform. nft's change that. we are spending a lot of time in a structural era. technology, scalability, we think of that as like the plumbing, think of it as a fiber-optic cables. you could not have had youtube and netflix with dial-up. the same is true of crypto use cases. there will be a lot of new use cases unlocked when it is more efficient, more user-friendly. emily: president biden issued a crypto executive order, there are a number of reports coming

due. what do you want to see from the administration when it comes to regulation, and are you optimistic we will get there? katie: we were delighted to see that executive order. why we were is because it was a recognition that this is the u.s. government saying this field is not going anywhere. it is growing so much we will direct every single agency in the federal government to come up with a plan. we take a step forward, but we are a big government, a big system, we have states, local entities. we take some steps with the eeo and take some steps back. they are thinking i can go to this jurisdiction with single regulators. it is the u.s. government that needs to tarts taking stock of the fact that right now in china there is a quarter of a billion

while let's. -- wallets. we are still talking about a government think central currency. emily: you think we are going to fall behind? katie: i think we are already behind. emily: one are the dangers of falling behind china? katie: this is years ahead. i do not want people to think the u.s. dollar will no longer be the reserve currency. if you no longer need to use the dollar because you have an alternative, that is a real problem. emily: what would we use instead? katie: there are going to be stablecoins out there that people who have access to a smart phone will use. there is a demand for. we have @85% -- 285% year-over-year growth. there are been spectacular failures, but not all table

coins -- stablecoins are created the same. emily: what do you think about gary gensler and how he is approaching it? katie: they are very confused because they get told come in and register, talk to us. you have the one company that is in the ultimate act of going in and registering. there was a lot of saber rattling going on i think. i do not want to single out the fcc. i do not want to suggest anything that they are doing is bad. i think right now there was a lot of confusion, and one of the pieces of confusion stems from the fact -- and it started with the ico, maybe us back in 2016, 2017. where the fcc was very loud about securities. the space has changed. to still view it through the ico lense i think is a mistake.

emily: what do you have to say to the skeptics out there? and do not see where this is going? katie: do not judge the current state of innovation. i am friends with a lot of these skeptics. i do not want to only live in a crypto bubble. when am i going to use it, what will i use it for? one of the things is not appreciated is how quickly the infrastructure is catching up, and once you have really scalable blockchain's that can handle pharaoh put in dark -- thorough put -- whether we like it or not, that is the future. those who have kids know kids spend more time online. they went digital things, and to

dismiss it is a bit generational. not always, but it is generational. you talk to kids about having money online, they get it. emily: take us to the end state? do google and facebook and amazon and apple still exist? katie: i think they will still exist. for decades, those companies will still be around. i think this new ecosystem is going to represent a challenge to them. i do think those entities, decentralized forces are coming and will cut into the entity's profits and revenues. emily: if you could belong to any altcoin tribe, what would it be? katie: there is no way i am answering that because i will get told -- trolled on twitter.

emily: book or podcast you are binging now? katie: wheat craft. emily: something that brings you joy? katie: i miss swimming. my best of comes to me when i moving. emily: career philosophy? katie: do a job where you know 50% of the job and you have to learn 50% of the job. that goes back to no comfort in the works own.

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